Spotting Suspicious Loan Activity Made Easy with OneScore

Identity
theft
and
fraudulent
loan
apps
are
becoming
more
common
with
the
rise
of
digital
lending.
In
fact,
more
than
2,200
loan
apps
were
removed
or
suspended
from
the
Play
Store
between
September
2022
and
August
2023.
In
the
same
vein,
more
than
45%
of
Indians
are
said
to
have
encountered
identity
theft. 

These
alarming
numbers
make
it
even
more
important
for
borrowers
to
be
aware
if
someone
is
misusing
their
personal
and
confidential
details
to
take
a

personal
loan.
These
loans
can
affect
the
credit
score
and
creditworthiness
of
innocent
victims,
who
may
discover
the
fraud
too
late
to
take
any
action.

The
OneScore
App
provides
valuable
tools
and
alerts
to
help
consumers
proactively
monitor
their
credit
activity
and
identify
any
suspicious
loans
taken
in
their
name.
Read
to
know
the
critical
role
that
OneScore
plays
in
safeguarding
credit
profiles
and
empowering
users
to
take
swift
action
against
any
suspicious
activity.

How
Fake
Loans
Affect
Credit
Scores
To
take
a
fake
loan,
fraudsters
use
a
victim’s
PAN
card
and
other
documents
to
apply
for
a
loan
in
their
name.
These
are
called
fake
loans
because
they
are
offered
to
the
user
without
their
consent
or
knowledge.
Moreover,
they
are
not
credited
to
the
user’s
account.
Instead,
fraudsters
keep
the
money.

After
the
disbursal,
the
liability
of
repaying
the
lender
falls
on
the
shoulders
of
the
user.
Since
the
user
is
unaware
of
this
loan,
they
are
likely
not
to
pay
EMIs
on
time.
This
leads
to
the
accumulation
of
debt,
which
is
reflected
in
the
user’s
credit
history.
This
way,
fake
loans
have
a
negative
effect
on
their
credit
score.

How
to
Avoid
Fake
Loans
The
best
way
to
protect
oneself
from
any
fake
or
fraudulent
loan
is
to
not
share
confidential
information
hastily
and
to
keep
an
eye
on
one’s
credit
report.
Here
are
some
smart
tips
potential
borrowers
can
follow.

Check
if
the
Lender
Is
Registered

The
first
step
to
protecting
oneself
against
fraudulent
loans
is
to
determine
if
the
lender
is
fake
or
genuine.
Check
the
lender’s
official
website
and
social
media
account.
If
they
do
not
have
any
permanent
address
or
any
option
for
communication,
this
may
be
the
first
red
flag.
Onee
can
also
check
their
Play
Store
and
App
Store
reviews.
Last
but
not
the
least,
check
if
they
are
registered
with
the
RBI.

Read
Loan
Terms

Make
sure
that
the
lender
has
all
the
terms
and
conditions
clearly
mentioned
on
their
website.
If
they
do
not
mention
any
details
of
the
borrowing
or
repayment
terms,
it
is
best
not
to
waste
time.

Check
App’s
Security

Some
lenders
request
borrowers
to
download
their
app
and
apply
for
the
loan
only
through
it.
Downloading
apps
of
fraudulent
lenders
on
the
phone
can
put
one’s
personal
data
at
risk.
Therefore,
it’s
best
to
check
the
security
features
and
their
listing
on
app
stores
before
taking
any
action.

Don’t
Fall
for
Cheap
Tactics

One
of
the
biggest
markers
of
fraud
is
when
a
lender
asks
a
potential
borrower
to
complete
the
loan
application
quickly
or
promises
guaranteed
approval
and/or
zero
interest.
Any
sign
of
urgency
should
also
signal
that
something
is
wrong.

The
process
that
most
lenders
follow
is
to
check
a
borrower’s
credit
score
and
other
eligibility
criteria
to
evaluate
their
qualification
for
a
loan.
If
this
process
is
not
being
followed,
users
should
be
wary,
as
it
may
be
a
scheme
to
get
them
to
share
personal
information.
This
information
may
then
be
used
to
commit
further
fraud.

Avoid
Unsolicited
Loans

If
a
lender
reaches
out
to
consumers
with
unsolicited
loan
offers
and
if
they
are
not
existing
customers
of
the
financial
institution,
it
may
be
a
fraud.
Such
fraudsters
may
also
demand
that
users
pay
a
fee
before
approval
or
processing
of
their
loan
application.

Check
Credit
Report:
Generating
a
complete
credit
report
with
credit
history
periodically
tells
consumers
if
there
are
any
fake
loans
in
their
name.
Early
detection
is
the
fastest
way
to
avoid
substantial
financial
loss
or
damage
to
the
credit
score.

How
OneScore
Helps
Since
most
credit
bureaus
only
give
one
free
credit
report
a
year,
it
can
be
a
financial
strain
for
borrowers
to
keep
track
of
their
credit
accounts.
To
solve
this
issue,
OneScore
gives
users
unlimited
lifetime
free
credit
checks
with
around-the-clock
access
to
their
credit
reports.
This
way,
they
have
access
to
their
credit
history
at
their
fingertips
and
can
keep
track
of
their
ongoing
credit
cards
and
loans.

In
case
the
borrowers
do
detect
any
fraudulent
loans
or
credit
cards
in
their
name,
they
can
directly
report
it
to
credit
bureaus.
The
OneScore

loan
app
allows
them
to
raise
disputes
with
CIBIL
and
Experian
right
from
the
app
to
help
them
save
time
when
it
is
of
the
essence.

Other
Reasons
to
Choose
the
OneScore
App
Apart
from
detecting
fraudulent
loans,
switching
to
the
OneScore
loan
app
offers
users
a
variety
of
benefits:

Easy
Check
of
Creditworthiness

Borrowers
can
check
their
credit
score
anytime,
anywhere,
without
any
membership
fees.
This
helps
them
develop
a
stronger
bond
with
their
credit
health
so
that
they
can
apply
for
a
credit
card,
personal
loan
or
home
loan
with
confidence.

Credit
Score
Improvement

 OneScore
offers
users
personalised
tips
to
improve
their
credit
scores
and
inculcate
better
credit-related
habits.
Its
Score
Planner
feature
helps
consumers
set
goals
and
achieve
them
to
get
the
most
affordable
loans.

Customised
Loan
Offers

Once
their
credit
score
reaches
730,
users
can
get
a
customised
loan
offer
via
the
OnePL
facility
on
this
loan
app.
With
pocket-friendly
interest
rates
starting
at
12.5%
and
flexible
tenures
from
6
months
up
to
48
months,
this
app
simplifies
access
to
funds.

Swift
Digital
Application

OneScore’s
easy
loan
application
process
does
not
require
borrowers
to
submit
any
physical
documentation.
Furthermore,
borrowers
can
choose
their
preferred
terms
and
use
the
EMI
calculator
to
match
their
repayment
abilities.

From
identifying
fraudulent
loans
to
managing
credit
and
applying
for
a
personal
loan,
One
Score
is
a
one-stop
shop
for
all
things
credit-related.
Consumers
can
download
the
OneScore
App
to
build
a
better
credit
history
and
take
a
collateral-free
loan
of
up
to
₹5
lakhs
without
any
end-use
restrictions.